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Buy the cable with your take profit at 1.335.

Buy the cable with your take profit at 1.335. | 12 December 2019

12 December 2019, GBP/USD

Wait for a buy from 1.3012.

Wave Analysis

Instead of retracing towards the 4 hours support level 1.3012, the cable moved widely to the upperside and is still pretty much bullish both on the daily and on the weekly charts. We expect the bounce from 1.3090 to have marked an end to the corrective wave (2) that the current bullish price rally is the continuation of the impulsive wave (3) to the upper side and should break above 1.3120 or even higher. This view can only be invalidated in case the price breaks and close below 1.3012.

Trade Recommendations:

Buy the cable with your take profit at 1.335.

Bob Stan
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